Procurement Lessons From the Covid-19 Pandemic.

Posted July 24, 2020

In Inventory Management, Logistics, Procurement

Are you aware that we have learned (and are still learning) many important lessons as a direct result of the Covid-19 pandemic? The economic impact was disastrous for many businesses but not so bad for others. The pandemic tested small and medium businesses and large enterprises as well. Whatever the case, we must always learn lessons from all our experiences. Problems can occur at any time. We just need to be prepared and know that there are ways to Keep eCommerce Sales Going and Help Others During the Covid-19 Pandemic.

Sourcing and procurement departments all over the world have learned the hardest lessons. When manufacturing and logistics are badly affected, sourcing and procurement takes a big hit as well. Looking for alternative sources for finished products and raw materials had become the need of the hour during the pandemic. As a result, procurement specialists were thoroughly tested and had to scramble to make new connections and go hunting all around the world.

As a result of these hard learned lessons, products as well as raw materials will now be sourced in a more diversified way.

Here are two key points to help build a stronger network.

1. Be more open to international suppliers but vet their sourcing and manufacturing policies well.

Ensure that your supplier has a diversified supply chain and manufacturing solution that can pull through such a pandemic disruption as what we are enduring now. Manufacturing plants ideally should be located in different regions and countries as well. Manufacturing disruptions closed down many businesses as they had no products to sell. Some businesses relied on one manufacturer in one regional location and when it was disrupted, manufacturing came to a halt, and there was no product to ship to their customers.

2. Reconnect with current suppliers and vendors and also connect with new suppliers and vendors.

Building a strong business is also about building strong relationships. Build relationships and create stakeholders and partners that are invested in the relationship. All relationships are important, whether they be with vendors, suppliers, customers, or other service providers. Take the time now to strengthen these relationships. Work with your stakeholders, understand their processes, learn their strengths, evaluate their weaknesses and work together to grow and move forward together.

Bottom Line

At the end of the day it is about being able to change and adapt. When there are problems, we need to be able to assess what needs to be done and then move on it. Quick thinking can turn around a problem and make it into an opportunity!

Click here to Read about the Steps We Are Taking to ensure Business Continuity for Our Customers and Our Team.

Elite OPS has been a leader in Shipping and Logistics for over 25 years. Contact Us to find out how we can help you Save Time and Money on Procurement as a Service, eCommerce Order Fulfillment, and Kitting and Assembly.